PensionBee has partnered with SS&C Technologies to introduce a new safe harbor individual retirement account (IRA) for employers and former employees.
This collaboration leverages SS&C’s Automated Rollover Program (ARP) to streamline the rollover process.
Through its Automated Rollover Program (ARP), SS&C streamlines the process of mandatory rollovers for plan sponsors, automating the exchange of participant data between recordkeepers and Safe Harbor IRA providers like PensionBee.
PensionBee and SS&C say the partnership allows former employees to reconnect with their retirement savings and reduces administrative burdens for employers. SS&C’s Automatic Rollover Program is used by over 120,000 plans from more than 20 recordkeepers, third-party administrators and advisor partners.
Founded in 2014, PensionBee is an online retirement provider with over $7 billion in assets for more than 265,000 customers worldwide. PensionBee specializes in serving mass-market consumers, regarded by the firm as those with less than $100,000 in retirement savings.
In July 2024, PensionBee announced it was launching its business in the U.S. and had registered with the Securities and Exchange Commission (SEC) as an investment advisor.
“Our vision is a world where everyone can enjoy a happy retirement,” said Romi Savova, CEO of PensionBee. “By entering the world’s largest defined contribution pension market, where many consumers still struggle to prepare adequately for retirement amidst an array of confusing and opaque investment options, our unique and simple approach to online retirement savings will resonate.
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and works with over 20,000 financial services and healthcare organizations.
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